chartOn Tuesday, energy and materials companies led broad market gains as the major U.S. indexes extended their advance to a third session. There was further movement into gold stocks to near 18 month highs which caused the dollar to weaker versus foreign currencies. Crude-oil futures rallied more than 4% from sharp weakness in the U.S. dollar as energy traders looked ahead to the upcoming meeting of the OPEC oil cartel.

Here is the market summary for Tuesday:

News:
AMD’s shares leap 15 percent after Chartered deal (AMD).

Fed: consumers cut debt by record $21.6B in July.

Meltdown 101: Why does $1,000/ounce gold matter?

Pep Boys 2Q Profit Rises 42%, But Sales Disappoint (PBY).

Markets look to be in the green on Wednesday but with no major indicators to be reported, it will be interesting to see how overseas markets and the general morning sentiment of investors pans out during the trading day.

Over a year ago, before I officially started posting on this blog, I snagged a holding of (MGI) shares at $1.47/share for 3000 shares, its quite funny, I remember telling quite a few people that I was meeting with during this time last year about the merits of the company, the huge potential pay off and the fact that some of them were in debt and could make a great return.

Well after a pushed the stock, (MGI) did fall with the rest of the stock market but I stuck it out, the stock fell to as low as $0.80 and I remember vividly telling a friend to pick up the stock when it was around $0.95/share. Fast forward to now, it he could have tripled his investment, and be out of debt and finally stop complaining about being in debt.

At the end of the day, you can only lead a horse to water…

Happy Investing!

Aman, MBA

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